Soybean Futures Ended Sideways Trend as Brazilian Crop Forecast Moderately Downgraded

Weather forecasts suggest rainfall in the geographical northern half of Brazil may not be enough to fully offset the preceding drought conditions. That pushed U.S. soybean futures sharply higher beginning of this week. Soybean meal and soya oil futures are also trading higher early in the week.

Chicago Board of Trade (CBOT) soybeans Sv1 settled down 7-¾ cents at $13.04 per bushel, retreating after reaching a weekly high at $13.30-¾. For the past week, however, the contract fell 21 cents a bushel or 1.6%.

The U.S. Department of Agriculture estimated Brazilian soybean production at 161 million tons in its monthly report. That's down from November's estimate of 163 million tons, but still pointing to a healthy harvest. Commodities analysts on average expected output of 160.16 million tons.